Just Married? Here's How to Plan Your Finances Together

Getting married isn’t just about love and companionship—it’s also about merging financial lives. Whether you're starting from scratch or already have savings, planning your finances together ensures a smooth journey ahead. Here’s how newlyweds can build a strong financial foundation.

1. Have the “Money Talk” Early

Before diving into investments and budgets, it’s essential to have an open discussion about:

✔ Income and expenses

✔ Existing savings and investments

✔ Debts (loans, credit cards, EMIs)

✔ Financial goals (house, travel, children, retirement)

Being transparent about money helps avoid surprises later.

2. Set Up a Joint Budget (50-30-20 Rule)

A simple budgeting rule for newlyweds:

50% for Necessities – Rent, groceries, utilities, insurance, EMIs
30% for Wants – Travel, entertainment, hobbies
20% for Savings & Investments – Emergency fund, SIPs, retirement planning

3. Build an Emergency Fund

Life is unpredictable. Aim to save 6-12 months’ worth of expenses in a liquid fund or high-interest savings account. This acts as a financial safety net for job loss, medical emergencies, or unexpected expenses.

4. Start Investing Early (SIP is Your Best Friend!)

Allocate at least 15-25% of your income to Systematic Investment Plans (SIPs).
Choose a mix of equity, hybrid, and debt funds based on your risk appetite.
Increase your SIP contributions as your income grows.

5. Plan for Major Life Goals

Discuss and prioritize big financial milestones like:

🏠 Buying a Home – Start saving for a down payment through SIPs.
👶 Children’s Education – Begin investing early to accumulate a substantial corpus.
🛫 Travel & Lifestyle Goals – Set aside a separate budget for experiences you both value.

6. Get the Right Insurance Coverage

Health Insurance: Even if your employer provides it, get a personal plan for added security.
Term Insurance: Essential if you have dependents, ensuring financial stability in case of unforeseen events.

7. Manage Debt Wisely

Avoid high-interest debt (credit cards, personal loans).
Prioritize paying off outstanding loans before taking on new financial commitments.
If you have existing debt, consider allocating 20-30% of your income to clearing it faster.

8. Plan for Retirement Early

It may seem far away, but starting early gives you the advantage of compounding.

Invest in equity funds for long-term growth.
Contribute to retirement plans (PPF, NPS, or mutual funds) consistently. Even an investment in mutual funds would suffice.
Set a retirement corpus goal and work towards it systematically.

Final Thoughts

Marriage is a partnership, and so is financial planning. By discussing money matters openly, budgeting wisely, and investing smartly, newlyweds can secure a stable and stress-free financial future together. Start early, stay disciplined, and watch your wealth grow!

Disclaimer: This blog is for educational purposes only. The securities/investments mentioned here are not recommendations.

P.S. If mutual funds are on your mind, check out Miles Wealth! We make investing easy with personalised mutual funds tailored to your risk tolerance and financial goals. No need to be a finance expert or spend hours researching—just invest in funds that truly fit you. Download Miles Wealth today!

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